The New York Yankees are looking at multiple avenues to void their contract with third baseman Alex Rodriguez, but success is unlikely, according to ESPNNewYork.com.

The Yankees’ move is a response to a report Tuesday by the Miami New Times linking Rodriguez to Biogenesis, a Miami anti-aging clinic that allegedly sold performance-enhancing drugs to several major league stars.

Rodriguez has five years and $114 million remaining on the 10-year, $275 million contract he signed with the Yankees after the 2007 season.

The Yankees’ lack of action in 2009 following Rodriguez’s admission of steroid use could hinder the team’s ability to take any action now, a source told ESPNNewYork.com. Rodriguez admitted then that he had used PEDs from 2001 to 2003, when he was playing for the Texas Rangers. In those years, Rodriguez was in the midst of the 10-year, $252 million contract he signed with Texas.

The Yankees “are looking at about 20 different things” to justify voiding the current pact, including whether Rodriguez was in breach of contract in receiving medical treatment from an outside doctor without the team’s consent, a source told ESPNNewYork.com.

However, Rodriguez's contract contains "standard language," according to Tim Brown of Yahoo! Sports. That language makes it "tough, if not impossible, to get around" to void the deal, Brown reports.

Major League Baseball is in the process of investigating Anthony Bosch, the former operator of Biogenesis. The source told ESPNNewYork.com that the Yankees can’t do anything until the investigation is completed. Even if the allegations are proven to be true, the team could not impose a punishment greater than the mandatory 50-game suspension for a first-time offender under baseball’s collectively bargained Joint Drug Prevention and Treatment Program, sources told ESPNNewYork.com.

Rodriguez denied the claims made in the Miami New Times’ report.

"The news report about a purported relationship between Alex Rodriguez and Anthony Bosch are not true," Rodriguez said in a statement released by his publicist, Sitrick & Company. "Alex Rodriguez was not Mr. Bosch's patient, he was never treated by him and he was never advised by him. The purported documents referenced in the story—at least as they relate to Alex Rodriguez—are not legitimate."

Rodriguez’s name appeared in Bosch’s handwritten records 16 times as a recipient of HGH and other PEDs that are banned by MLB, according to the Miami New Times.

The Yankees released a statement backing the probe by the commissioner’s office. It did not mention Rodriguez by name.

"We fully support the Commissioner's Joint Drug Prevention and Treatment Program," the statement read. "This matter is now in the hands of the Commissioner's Office. We will have no further comment until that investigation has concluded."

The Miami New Times report adds to a series of offseason issues for Rodriguez. After a miserable 2012 postseason, the maligned slugger was named in numerous trade rumors. Earlier this month, Rodriguez underwent hip surgery which could force him to miss up to the entire 2013 season.